ITR Filing 2024: July 31, 2024 is the deadline for submitting income tax returns for the financial year 2023–2024 (assessment year 2024–25). Depending on the duration of the delay, late taxes may be subject to penalties or interest charges.
Since the Income Tax Return (ITR) summarizes a taxpayer’s earnings for the fiscal year, filing it on time is crucial to avoid penalties. In addition, the Income Tax Department notifies people via reminders to make sure they file their income tax forms on time.
July 31, 2024 is the deadline for submitting ITRs for the financial year 2023–24 (AY 2024–25). Given the complexity of the procedure, it makes sense that some people could find it irritating. Because of this, you can choose to file a late return until December 31, 2024, but there will be a penalty.
Read also: ITR filing: How to check the status of your income tax refund online
Late filing fee for ITR
Depending on your income level, there are different penalties in India for filing your ITR late. Among them are:
- If an individual’s net taxable income for the financial year 2023–24 (AY 2024–25) exceeds ₹5 lakhs, they may be penalized up to ₹5,000 for filing a late return.
- A taxpayer’s maximum penalty for filing a delayed ITR is ₹1,000 if their net taxable income is ₹5 lakhs or less.
Penalties for late filing do not apply to individuals with taxable income below the basic exemption limit who file an ITR only in order to receive a refund. The gross taxable income before deductions is referred to as the taxable income threshold. For several reasons, it is essential to be in compliance with taxes:
- Legal requirement: Filing your income tax return is required. Penalties and possible legal consequences may follow non-compliance.
- Peace of mind: Making sure your taxes are correctly filed might calm you down and avert more issues.
- Benefits: If you file your return on time, you may be eligible for certain tax breaks or reimbursements.
Read also: ITR filing 2024: Approved banks for tax payments, refunds, and additional
You might also be charged interest on any unpaid taxes from the original due date until the date of payment, in addition to penalties. There are some circumstances when filing after the deadline can mean that you can’t carry over certain tax deductions or losses.
Above all, it is best to file your ITR ahead of time to avoid stress at the last minute and possible fines. To expedite the filing process, make sure you gather all necessary documentation, such as pay stubs and investment proofs, well in advance. If you run into difficulties filing, think about speaking with a tax expert or using the Income Tax Department’s online services.
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